The Federal Government spends N13 trillion on subsidies and establishes removal standards.

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The Federal Government said it was working on a thorough roadmap for Bola Tinubu’s upcoming administration on how to handle the elimination of subsidies on Premium Motor Spirit, also known as fuel.

It further asserted that the outgoing President, Major General Muhammadu Buhari (retd. ), had done a good job in managing gasoline subsidies, despite the fact that Nigeria spent over N13 trillion on PMS subsidies between 2005 and 2021.

On May 29, 2023, a new administration will be inaugurated, led by President-elect Bola Tinubu. Speaking at the introduction of the Nigeria Extractive Industries Transparency Initiative’s 2022-2026 Strategic Plan in Abuja, the Secretary to the Government of the Federation, Boss Mustapha, said the Federal Government has been monitoring the debates. 

Mustapha said he had carefully studied the NEITI policy advisory on fuel subsidy that was forwarded to his office and commended the agency for the in-depth research and outline of options to assist the government in making a decision on the subsidy removal debate.

On NEITI’s 2022-2026 Strategic Plan, Mustapha explained that under the plan, NEITI would expand its scope of operations to sub-national levels and become more effective in addressing EITI emerging issues.

Punch.

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